Banks find loopholes to deny blacks and Latinos home loans at twice the rate of whites

[IvyMgmt]

https://ggwash.org/view/67789/banks-find-loopholes-to-deny-blacks-and-latinos-home-loans-twice-rate-of-whites

[Kat58]

 

last I checked Credit Score and Debt-to-Income ratio aren't loopholes...

[IvyMgmt]

 

 

last I checked Credit Score and Debt-to-Income ratio aren't loopholes...

 

 

 

Did you read the article?

[Konrad2012]

Interesting that they used race, neighborhood and income as the determinants for this study.

 

No mention of FICO's, DTI or net worth.

[Kat58]

 

 

 

last I checked Credit Score and Debt-to-Income ratio aren't loopholes...

 

 

 

Did you read the article?

 

Yes, Mam.

[IvyMgmt]

 

 

 

 

last I checked Credit Score and Debt-to-Income ratio aren't loopholes...

 

 

 

Did you read the article?

 

Yes, Mam.

 

 

 

If you say so..

[IvyMgmt]

Interesting that they used race, neighborhood and income as the determinants for this study.

 

No mention of FICO's, DTI or net worth.

 

 

Sort of since I live here I know the dynamics of what is happening.... Places for years people of non-color would not be caught dead in are now gentrified.. and more is coming and its happening in Maryland to..

[cranston3]

I have read the article and there is no doubt it is 'fake news'.

 

There is no reference to the 3 'Cs' of lending; credit history, capacity to repay and collateral. I bet that when the data is filtered on using those statistics the lending rate is the same regardless of color.

 

Call me old fashioned but banks have the right to believe they will have their loans repaid!

Edited June 4, 2018 by cranston3

[IvyMgmt]

I have read the article and there is no doubt it is 'fake news'.

 

There is no reference to the 3 'Cs' of lending; credit history, capacity to repay and collateral. I bet that when the data is filtered on using those statistics the lending rate is the same regardless of color.

 

Call me old fashioned but banks have the right to believe they will have their loans repaid!

 

So you are saying Redlining did not exist .. and to this day does not exist?

[tiggerlgh]

Redlining definitely existed in the past. It’s why we have so many lending regulations now.

 

There is not enough information in this article to say it’s still happening. I agree with the others who say you need the 3 Cs of credit to know that. Without that you can’t make a call on this.

[IvyMgmt]

The article explicitly shows that its still happening to this day and being done to this day.. *shrugs*

 

There are always loopholes in any regulation and people of the powers to be will find a way to jump through it its evident in with what Equifax is doing now and Wells Fargo.. while those organization are not redlining persay.. it does show how they are jumping around regulations, etc. to do exactly what they want to do..

 

BOA for example was caught redhanded discriminating against minorities in recent years.. and I would not be surprised if they still are..

[tiggerlgh]

The article does not show credit score. It’s a key factor in underwriting. Missing key elements does not prove a fact. Most banks have auto declines at certain scores.

 

Sorry need a lot more evidence

 

ETA I just read the comments on the article. They concur with my thoughts.

Edited June 4, 2018 by tiggerlgh

[Kat58]

This was already discussed in another thread that is now locked and based on the exact same article.

https://creditboards.com/forums/index.php?showtopic=609326&hl=%2Bhomeownership

 

The End.

[insolent1]

Inference ≠ evidence.

[cv91915]

The evils of loopholes cannot be overestimated.

 

[TheVig]

The evils of loopholes cannot be overestimated.

 

 

[STC]

The development I live in has 1200 homes. More than 30 percent are African Americans. Most have mortgages. Most work their butts off to pay said mortgage and work hard on the weekends keeping their places kept up. All great people. We go to each others parties, and events. I think EVERYONE can agree this article is biased. Anyone who has a mortgage (regardless of race) went through the same rectal exam... The 3 C's... If that's not the case how do the hundreds of African American neighbors that I have possibly had a mortgage?

Fake news if you ask me.

[IvyMgmt]

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

[tiggerlgh]

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

STC never said what the other 70% was. If it’s like my neighborhood it’s Caucasian, Hispanic, Indian, etc. and I live in the Midwest.

 

The fact is this article and others similar to it are missing very key components of the credit decision. Which means you cannot draw a correlation.

[Konrad2012]

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

People have pointed out some key credit metrics missing from the article you posted.

 

It's obvious you have a personal agenda. And this is considered a non-political board.

[IvyMgmt]

 

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

People have pointed out some key credit metrics missing from the article you posted.

 

It's obvious you have a personal agenda. And this is considered a non-political board.

No agenda at all I’m just amazed that you guys don’t find any truth to this.

 

This isn’t a political post either.

 

 

Sent from my iPhone using Tapatalk

[Konrad2012]

 

 

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

People have pointed out some key credit metrics missing from the article you posted.

It's obvious you have a personal agenda. And this is considered a non-political board.

No agenda at all I’m just amazed that you guys don’t find any truth to this.

This isn’t a political post either.

When someone points out that 30% of their neighbors are African American when 12% of the country is African American and you speak of equality you have an agenda. Or math/numbers are difficult for you.

[STC]

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

Ivy Ive been on the HOA board for over 9 years so yes i know hundreds of neighbors. Most i call friends. Your little ad states blacks and lationos cant get loans but hundreds of black families here certainly have them.

 

And not sure Konrad if your post was pointed towards me but i have no agenda. You do not know me or anything about me. I Am simply stating facts for a neighborhood in which i live, and serve. At the end of the day I am educated enough to know when i see fake news.

 

If people are willing to bust their arses in this country they can achieve great things. Others simply put the blame on others. You decide what’s best foe your life. Night guys. Excuse any Ipad typos.

[IndyPoolPlayer]

 

 

 

30% hun that sounds even to you? Most? You live in DC? I don't think the article questioned anyones work ethic? and you know all the hundreds of your AA neighbors.. Thats great..

People have pointed out some key credit metrics missing from the article you posted.

It's obvious you have a personal agenda. And this is considered a non-political board.

No agenda at all I’m just amazed that you guys don’t find any truth to this.

This isn’t a political post either.

When someone points out that 30% of their neighbors are African American when 12% of the country is African American and you speak of equality you have an agenda. Or math/numbers are difficult for you.

 

+1

[IndyPoolPlayer]

 

Interesting that they used race, neighborhood and income as the determinants for this study.

 

No mention of FICO's, DTI or net worth.

 

Sort of since I live here I know the dynamics of what is happening.... Places for years people of non-color would not be caught dead in are now gentrified.. and more is coming and its happening in Maryland to..

 

You speak as if gentrification is a bad thing?